Unemployment rate in Romania drops below 3%

Registered unemployment rate in Romania drops below 3% in October, for the first time in decades. This is quite a performance for a country from the former communist bloc, especially because meanwhile in Greece, Spain and Italy unemployment rates exploded.

The Euro 28 average unemployment rate is at 6.3%, the lowest one since the start of the EU monthly unemployment series in January 2000. In the same time the unemployment rate for the Euro zone is at 7.5% in October, higher than the Euro 28 rate. This result is due especially to the unemployment rates in Greece (16.7%) and Spain (14.2%), both Euro zone countries.

Other countries who perform well in this domain, having a low unemployment rate, are Czech Republic with 2,2%, Germany with 3,1% and Poland with 3,2%.

Romania keeps on lowering the unemployment rate since 2013, when it registered a 7,1%. Also, Romania continues its GDP growth rate year after year, proving its economy is on a good path.

Though at present the Romanian GDP growth is based mainly on the consumption, as Bloomberg specialists noticed, this strategy is working and it boosts the economy.